| Hi there, and welcome to this week's edition of Yahoo Finance's Week in Tech. I'm Dan Howley, and this week we're talking about Samsung's generative AI strategy.
The company hosted its latest Galaxy Unpacked event on Wednesday, showing off its newest foldable smartphones, smartwatches, and its entry into the smart ring market with its Galaxy Ring. But the glue binding all of those announcements together was the company's Galaxy AI software.
Samsung is looking to the platform to help drive sales of its various products in the coming years, and there's reason to be optimistic. According to IDC, generative AI smartphones will make up 19% of the market in 2024 and jump to 70% by 2028.
The event also comes as Samsung Electronics' largest union in South Korea declared it will go on indefinite strike in an effort to boost pay and benefits.
But before we get to that, here are a few other stories you should be following this week.
⛔️ Microsoft, Apple avoid OpenAI's board as US scrutiny grows: Microsoft is pulling out of its observer seat role on OpenAI's board, according to Bloomberg. The move comes as Microsoft is facing increasing antitrust scrutiny with regard to its investments in OpenAI. The FTC has already launched an inquiry into the tech giant's moves, as well as similar investments by Google and Amazon related to OpenAI competitor Anthropic.
The European Union's competition watchdog, the European Commission, has also asked stakeholders in the AI industry, including competitors, to provide feedback on competition issues that might have in the market. Microsoft isn't the only one dropping out of OpenAI's board, Apple has also reportedly decided not to join OpenAI's board as well. It's still unclear whether the moves will quell any competitive concerns regarding OpenAI and its backers.
🙋♂️AI helps but isn't replacing workers: The AI explosion is driving share prices of tech companies and revenue for chipmakers ever higher. But the lingering fear that the technology will replace workers is still simmering just below the surface of all of the hype. Yahoo Finance's Josh Lipton sat down with Fortune's AI editor Jeremy Kahn to discuss the topic and find out if our jobs are actually in danger.
Fortunately, Khan says, while AI will continue to advance at a rapid pace, it won't be smart enough to perform all of the tasks required to complete our jobs. Instead, he explains, AI is more likely to help make us more productive. Which, if you're already working constantly, could be a good thing or a bad thing.
⚡️ Tesla's energy business is growing: When you think of Tesla you, rightly, think of electric cars. But Yahoo Finance's Pras Subramanian says its next leg of growth could come from the company's energy storage business. The company deployed some 9.4-gigawatt hours of energy storage in Q2, its most ever for a quarter and more than double what it deployed in the first quarter. The business is also helping Tesla's bottom line.
In Q1, the company reported $1.6 billion in revenue for its energy storage business with $403 million of that going toward gross profit, good enough for a gross margin of 24.6%. That adds more credence to the thought that Tesla is a tech firm, not just a car business. | 
